India dominates global IPO activity with 367 issues, $22.9 bn raised

In terms of fundraising, the United States topped the chart, raising $45.5 billion, followed by Hong Kong with $34.9 billion. The Chinese mainland garnered $19.8 billion, while Japan raised $8.3 billion. Other markets together accounted for a sizable $40.3 billion in IPO proceeds. This marked a sharp pickup from 2024, when the U.S. raised $33 billion, Hong Kong $11.3 billion, the Chinese mainland $9.3 billion, and Japan $6.2 billion, with other markets contributing $42.5 billion, EY data showed.

In IPO volumes, India remained the world’s most active market in 2025, with a record 367 listings, well ahead of the United States at 223 IPOs. The Chinese mainland saw 119 IPOs, followed by Hong Kong with 100 and South Korea with 76, while other markets collectively accounted for 408 IPOs. In comparison, 2024 saw 339 IPOs in India, 176 in the U.S., 100 in the Chinese mainland, 70 in Hong Kong, and 79 in South Korea, with other regions contributing 476 listings globally.

As per the EY report, India witnessed 367 IPOs in 2025, marking an 8% increase over a record-breaking year in 2024, with issuers collectively raising $22.9 billion, up 9% year-on-year—the highest IPO fundraising level in India’s history. The strong performance was supported by robust economic growth, resilient market sentiment and a more favorable regulatory environment, which together helped sustain issuer confidence even as global IPO markets navigated a nonlinear, accelerated, volatile and interconnected (NAVI) landscape.